sellecting bit to cut laminated paper

currently using 1/4" compression bit 2 spiral to cut 1/2" corrugated paper.
need smooth finish top and bottom. Would like to make cut smaller ie 3/16"
Any suggestions? Most compression bits I have found are no smaller than
1/4" dia 1/4 shank and 7/8" deep. Any problems with this idea? Feed rate
is 750

Onsrud makes a 3/16" compression, but it's a single flute, so may slow you down a bit. They may make a two flute, but i didn't have time to look.
http://www.toolsxp.com/Onsrud-Cutter...s-60-100SE.asp